Jan 30, 2024

Bracket Labs Raises $2mm

Bracket Raises $2mm

Bracket Labs Raises $2mm

Raise Details

We’re excited to publicly announce the latest fundraising round for Bracket Labs, with participation from some of the most forward-thinking investors in the space. The raise will be allocated towards product development, community growth, and marketing and primarily focused on delivering the Passage mainnet launch as well as post-launch partnerships and integrations.

Our investors have a wealth of experience in DeFi, derivatives, and trading that spans key markets in Asia, the Middle East, and Europe. Binance Labs, who incubated and invested in us from the beginning, has backed category-leading projects such as Radiant Capital (multi-chain lending/borrowing), Pendle Finance (liquid staking DeFi), and Ambit Finance (yield-bearing stablecoin), amongst others. Other investors such as 0x Capital and NGC Ventures built or funded DeFi blue-chips like Synthetix and Aave. Overall, we’re thrilled with the level of experience being brought to the table alongside the funding itself.

Mainnet Has Arrived

In concert with this funding announcement, we’re also celebrating Passage’s mainnet launch today! We saw strong adoption of Passage throughout testnet, a clear sign from the community that easy-to-use volatility markets are needed in DeFi today. As we are already seeing serious volatility in markets in 2024, it’s an opportune time to release Passage to mainnet on Arbitrum One. More people are discovering the utility of volatility exposure in their portfolios, whether that be for speculation or hedging other derivatives positions, a trend that can be seen in the recent growth of crypto options volume. Passage services this need by making pure long/short volatility positions more straightforward and accessible to crypto-natives and new entrants alike.

Again, thank you to everyone who traded on testnet and provided feedback; it’s been a massive help in delivering a polished, easy-to-use product that is breaking new ground in DeFi. Stay In or Breakout, Passage is your way to play volatility in any market conditions. Get in on the action at https://www.bracketx.fi/ and join the mainnet launch trading competition for a shot at up to 20k $ARB in prizes! See you there.

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